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Compound interest word problem! please show all steps?
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<blockquote data-quote="Jacob" data-source="post: 2418398" data-attributes="member: 219323"><p>Hal invested $2,000 per year in an IRA each year for 7 years earning 7% compounded annually. At the end of the 7 years he ceased that IRA payments, but continued to invest his accumulated amount at 7% compounded annually for the next 3 years. </p><p></p><p>a) what was the value of his IRA at the end of 7 years?</p><p>b) what was the value of the investment at the end of the next 3 years?</p></blockquote><p></p>
[QUOTE="Jacob, post: 2418398, member: 219323"] Hal invested $2,000 per year in an IRA each year for 7 years earning 7% compounded annually. At the end of the 7 years he ceased that IRA payments, but continued to invest his accumulated amount at 7% compounded annually for the next 3 years. a) what was the value of his IRA at the end of 7 years? b) what was the value of the investment at the end of the next 3 years? [/QUOTE]
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